Cheap Trick created a substantial fan base through its own brand of power pop music with a hard-edged yet melodic pop sound that combines the tunefulness of The Beatles with the speed and energy of punk rock. The Los Angeles Times has remarked that "Cheap Trick gained fame by twisting the Beatlesque into something shinier, harder, more American." Their biggest hits include "Surrender", "I Want You to Want Me", "Dream Police", and "The Flame." Cheap Trick also performed a cover version of Big Star's "In the Street" as the theme song for That '70s Show from the second season onward and the theme song "Baby Muggles" for The Colbert Report.

As of 2009, Cheap Trick continues to tour with the original lineup. They have often been referred to in the Japanese press as the "American Beatles". The Illinois State Senate has declared April 1 to be "Cheap Trick Day" in the State. The band was also ranked #25 in VH1's list of the 100 Greatest Artists of Hard Rock.